Real Gross Domestic Product: Private Services-Providing Industries in Utah
UTPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
163,653.40
Year-over-Year Change
74.01%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of private service-providing industries in the state of Utah. It provides important insights into the performance and growth of the service sector, which is a crucial driver of the state's economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Real Gross Domestic Product: Private Services-Providing Industries in Utah series tracks the inflation-adjusted output of private service-providing industries, such as healthcare, finance, and information services, in the state. This metric is widely used by economists and policymakers to assess the health and dynamics of Utah's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is closely monitored by government officials, businesses, and investors to gauge the overall economic conditions and make informed decisions in Utah.
Key Facts
- Utah's private service-providing industries account for over 70% of the state's GDP.
- The service sector has been the primary driver of economic growth in Utah in recent years.
- Real GDP in Utah's private service-providing industries has outpaced the national average in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of private service-providing industries in the state of Utah, such as healthcare, finance, and information services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of the service sector, which is a crucial driver of Utah's economy. It is closely monitored by government officials, businesses, and investors to gauge the overall economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and market analysts to assess the health and dynamics of Utah's service-based economy, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is typically released by the U.S. Bureau of Economic Analysis on a quarterly basis, with a lag of several months. There may be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Utah (UTPRISERVPRORGSP), retrieved from FRED.